EX-12 6 d66078_ex12.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 CARNIVAL CORPORATION & PLC Ratio of Earnings to Fixed Charges (In millions, except ratios)
Years Ended November 30, ---------------------------------------------------- 2005 2004 2003 2002 2001 ---- ---- ---- ---- ---- Net income $ 2,257 $ 1,854 $ 1,194 $ 1,016 $ 926 Income tax expense (benefit), net 73 47 29 (57) (12) ------- ------- ------- ------- ------- Income before income taxes 2,330 1,901 1,223 959 914 Adjustment to earnings: (Income) loss from affiliated operations and dividends received (3) 3 1 2 57 ------- ------- ------- ------- ------- Earnings as adjusted 2,327 1,904 1,224 961 971 ------- ------- ------- ------- ------- Fixed charges Interest expense, net 330 284 195 111 121 Interest portion of rent expense (a) 17 17 16 5 4 Capitalized interest 21 26 49 39 29 ------- ------- ------- ------- ------- Total fixed charges 368 327 260 155 154 ------- ------- ------- ------- ------- Fixed charges not affecting earnings: Capitalized interest (21) (26) (49) (39) (29) ------- ------- ------- ------- ------- Earnings before fixed charges $ 2,674 $ 2,205 $ 1,435 $ 1,077 $ 1,096 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 7.3x 6.7x 5.5x 6.9x 7.1x ======= ======= ======= ======= =======
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense. 48